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Like its rivals, RBS (up 2p to 342p update) has introduced fixed annual allowances – paid in two instalments – to swerve a cap on bonuses introduced by the European Commission at the start of the year.

This bumps up basic pay packages, which are not subject to the restrictions. The EU-wide cap prevents banks from paying more than one year’s salary, rising to twice salary if shareholders approve.

RBS, which made an £8.2billion loss last year, was blocked by the Treasury from applying the higher limit.

Deborah Hargreaves, chair of the High Pay Centre, said: ‘This goes against spirit of the rules, if not the letter.

When RBS’s major shareholder – the Government – has voted against them paying twice [their] salary as a bonus it doesn’t seem right that they should be paying fixed allowances to get around that.’